ARTICLE A - REGULATION 70

OPERATION OF BANKING ACCOUNT/PROVISION RELATING TO NEGOTIABLE INSTRUMENTS.

1. Subject - Operation of banking account/provision relating to Negotiable Instument.

2. Passing Authority - Board of Directors.

3. Nature of the Resolution - Resolution with simple majority.

4. Specimen Resolution(s):

"RESOLVED THAT: M/S A, B, C & D be and are hereby severally authorised to operate the banking accounts of the company with State Bank of India, Main Branch, Chennai and Mercantile Bank Ltd. Mount Branch, such authority to operate the banking accounts to include, inter alia, the authority to sign, draw, accept, endorse and negotiate cheques, hundies, bills of exchange promissory-notes, dividend warrants and other documents relating to goods lodged for collection or negotiation with any bank and the relative bank or banks be authorised to honour cheques, hundies, bills of exchange, promissory-notes, dividend warrants and other documents relating to goods lodged for collection or negotiation with the bank signed, drawn, accepted, endorsed or negotiated by any one of the above named persons and to act on any instruction so given relating to the accounts whether the same by overdrawn or not, or relating to the transactions of the company, it being specifically declared that such authority shall extend both to the existing banking accounts and to any banking account which may be opened in future in respect of the company.

FURTHER RESOLVED THAT a certified copy of the above resolution be forwarded to the Bank or Banks concerned as may be required from time to time."

5. Guidelines:

1) The authority relating to Negotiable Instruments need not be linked with the banking account.

2) The authority maybe joint or several.

3) In order to bind the company, the Negotiable Instruments should be drawn, accepted made or endorsed in the name or on behalf of or on account of the company by the person authorised (section 47).

6. Filing: Not applicable.